Toncoin (TON) price continued to defy gravity this week as investors continue to buy the token and as its decentralised finance (DeFi) assets soar. The token has risen in the past eight days and is now hovering near its all-time high of $7.67. It has jumped by over 53% from its lowest swing on May 1st and by over 500% from its lowest swing in 2023.

Toncoin, the blockchain network run by Telegram, is doing well even as the crypto industry remains under pressure. Data compiled by DeFi Llama shows that the total value locked (TVL) in its platform has soared to a record high of $585 million. This is a significant increase since it started the year at $71 million.

These assets are rising in both US dollar and $TON terms. In TON terms, the network has added over 94.5 million TON, higher than last year’s low of 2.9 million TON.

Most of these tokens are in Tonstakers, the biggest liquid staking network in the industry that has over $240 million in assets. Data on its website shows that it has over 66.7k TON stakers who are earning an APY of about 3.2%. 

The other big names in Toncoin’s ecosystem are networks like STON.fi, bemo, DeDust, Stakee, and EVAA Protocol. STON.fi and DeDust are the biggest decentralised exchanges (DEX) on the network while EVAA is the biggest lending protocol with over $9.79 million in assets.

Toncoin’s performance is happening at a time when the DeFi industry is not doing well. Ethereum’s TVL has dropped by 5% in the past 7 days while Solana, Tron, Arbitrum, and Base have lost millions of dollars in assets.

Toncoin price is also soaring ahead of the Notcoin launch. Notcoin is expected to be the biggest memecoin in the ecosystem. Data on Binance shows that there are over $12 billion of assets staked into the Notcoin pre-launch pools on Binance. 

There's currently over $12b staked into the @thenotcoin pre-launch pools on @binance. That's more than @pepe and @dogwifcoin FDV combined, and nearly as much as @Shibtoken. https://t.co/kkSUXNUmVk pic.twitter.com/qKSmo3emDK

— Jehan Chu (@collectionist) May 13, 2024Toncoin price forecast

TON chart by TradingView

Turning to the daily chart, we see that the $TON token price has been in a strong bull run in the past few months. The token has soared from last year’s low of $0.98 to over $7 today. It has remained above the 50-day and 100-day moving averages while the Average Directional Index (ADX) has drifted upwards.

Toncoin is now approaching the key resistance point at $7.67, its highest swing in April. Therefore, the outlook for this token is extremely bullish. This view will be confirmed if the token soar above $7.67, invalidating the double-top pattern. In most cases, the double-top is one of the most bearish signs in the market.

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